SFO Won't Probe Equitable Life
The UK's Serious Fraud Office announced this week that following careful consideration
of the available evidence, including the Penrose Report and material held by
the Society and following the result of the Society's case against its previous
auditors and some of its former directors, that nothing has emerged which would
justify a full criminal investigation into the affairs of the Equitable Life
Assurance Society. The SFO had stated in March 2004 that it was considering launching an investigation
into whether Equitable Life had adequately explained to policyholders the changes
to its bonus policy necessitated by its financial difficulties. However, the Office delayed making or publicising a final decision while the
Society was taking civil legal action against its former auditors and some of
its former directors. This legal action has now ended. .
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